Market Closes - January 24, 2017

CBOT futures closed mixed with soybean futures again outperforming corn and wheat which both ended down 5-6 cents. March Corn traded overnight to new 6-month highs above the key chart resistance I listed yesterday; however, that upside breakout failed terribly and futures closed sharply lower with a bearish outside-down day on the chart. Soybean futures fell sharply in first 30 minutes of trading this morning and then worked its way back to penny gains in the middle of the trading range. With plentiful grain/oilseed supplies, there’s little to get the market going right now; price action is following technical signals and money flow by the big spec funds.

Cattle futures rallied at the opening bell in follow-through buying from Monday’s higher closes, but fell sharply in the 11:00 am CT hour. The selling hit the market despite strong midday boxed beef markets. Traders are cautious that cash markets may soften this week. Choice beef edged down .03 to 191.74 and Select gained 1.34 to 188.17. This is lower than midday quotes of 193.27 and 189.19.

Lean Hog futures closed mostly higher with little price changes. Early morning strength gave way to a weak close. At midday, FOB Plant Pork was up .52 at 79.90.